FS - Baltazar, Fatima S. 2020

GANDANG ANI ENTERPRISES
Capas, Binalonan, Pangasinan
STATEMENT OF FINANCIAL POSITION

As of December 31, 2020 and 2019
(All Amounts in Philippine Peso)
As of December 31
Notes 2020 2019
ASSETS
Current Assets
Cash 4,5 9,770,511.75 663,475.23
Accounts Receivable 4,6 - 637,000.00
Inventories 4,7 - 5,260,600.00
Total Current Assets 9,770,511.75 6,561,075.23
Noncurrent Assets
Property and Equipment(net) 4,8 6,017,325.00 6,416,728.00
Other Noncurrent Asset
Total Noncurrent Assets 6,017,325.00 6,416,728.00
TOTAL ASSETS 15,787,836.75 12,977,803.23
LIABILITIES AND EQUITY

Current Liabilities
Trade and Other Payables 4,9 - 25,126
Loans Payable - Current 4,10 7,329,000 1,500,000
Income Tax Payable 4 587,590.77 32,319.04
Total Current Liabilities 7,916,590.77 1,557,445.04
TOTAL LIABILITIES 7,916,590.77 1,557,445.04
Non Current Liabilities

Loans Payable - Net of Current 4,10 - 6,000,000.00
Total Noncurrent Liabilities - 6,000,000.00
OWNER'S EQUITY
F. S. Baltazar Capital, beginning 5,420,358.19 5,816,227.42
Net Income 2,450,887.79 604,130.77
Total 7,871,245.98 6,420,358.19
F. S. Baltazar, Drawings - 1,000,000.00
F. S. Baltazar Capital, Ending 7,871,245.98 5,420,358.19
TOTAL LIABILITIES & OWNER'S EQUITY 15,787,836.75 12,977,803.23
See accompanying Notes to Financial Statements - -

STATEMENT OF INCOME
For the years ending December 31, 2020 and 2019
Years ended December 31
Notes 2020 2019
Sales 4,11 8,939,704.00 9,679,529.00

Cost of sales 4,11 5,260,600.00 6,881,213.24
Gross Profit 3,679,104.00 2,798,315.76
Operating Expenses
Distributive Expenses 11 621,351.75 1,403,979.00
Administrative Expenses 12 122,008.22 347,076.66
Other expenses 13 484,856.24 443,129.33
Total Operating expenses 1,228,216.21 2,194,184.99
Net Income 2,450,887.79 604,130.77
See accompanying Notes to Financial Statements

STATEMENT OF CASH FLOW

For the years ending December 31, 2020 and 2019
Years ended December 31
2020 2019
CASH FLOW FROM OPERATING ACTIVITIES
Net income (loss) 2,450,887.79 604,130.77
Add back depreciation 399,403.00 399,403.00
Changes in current assets and liabilities:
Accounts Receivable 637,000.00 304,365.00
Inventory 5,260,600.00 (2,081,860.00)
Trade Payable (25,126.00) 16,116.00
Proceeds of Loan 5,829,000.00 539,037.00
Income Tax Payable 555,271.73 (22,193.52)
Other Current Liabilities
Cash Generated from (Used for) Operating Activities 15,107,036.52 (241,001.75)
CASH FLOW FROM INVESTING ACTIVITIES

Net addition to Property and Equipment - -
Net Cash Provided by (Used in) Investing Activities - -
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds/Payment of Loan-Long Term (6,000,000.00) 1,000,000.00
Additional Investment - -
Acquisition of Property - -
Personal Drawing - (1,000,000.00)
Net Cash Provided by (used in) Financing Activities (6,000,000.00) -
Net Change in Cash 9,107,036.52 (241,001.75)
Cash Balance, beginning 663,475.23 904,476.98
CASH, END OF YEAR 9,770,511.75 663,475.23
See accompanying Notes to Financial Statements

Changes Arising from the Transition to PFRS
At June 1, 2008 At May 31, 2009

(Date of Transition) (end of last period presented under previous GAAP)
Effect of Effect of
transition to Previous transition to
Notes Previous GAAP PFRS PFRS GAAP PFRS PFRS
ASSETS
Current Assets
Cash 2,5,31,32 5,102,563 - 5,102,563 4,296,145 - 4,296,145
Trade & Other Receivables 2,6,31,32 49,569,648 - 49,569,648 56,909,486 - 56,909,486
Inventories 2,7,32 10,774,845 - 10,774,845 10,930,059 - 10,930,059
Other Current Assets 2,8,32 4,885,875 - 4,885,875 5,281,001 - 5,281,001
70,332,931 - 70,332,931 77,416,690 77,416,690
Noncurrent Assets -
Property & Equipment 2,9,22,24,26,32 55,255,414 - 55,255,414 57,331,902 - 57,331,902
Other Noncurrent Assets 2,10,32 2,328,568 - 2,328,568 2,148,568 - 2,148,568
57,583,982 57,583,982 59,480,470 59,480,470
TOTAL ASSETS 127,916,913 - 127,916,913 136,897,161 - 136,897,161
LIABILITIES & EQUITY
Current Liabilities
Trade & Other Payables 2,11,31,32 53,483,413 - 53,483,413 19,572,520 - 19,572,520
Other Current Liabilities 2,12,29,32 49,874 - 49,874 49,874 - 49,874
Loans Payable 2,13,31,32 - - - 4,812,500 - 4,812,500
53,533,287 - 53,533,287 24,434,894 - 24,434,894
Noncurrent Liabilities
Accounts Payable-Others 2,14,32 - - 10,634,105 - 10,634,105
Miscellaneous Deposits 2,14,32 - - 12,871,451 - 12,871,451
23,505,556 23,505,556
Fund Balance -
Contributed Capital 2,15,32 1,200,000 - 1,200,000 1,200,000 - 1,200,000
Donated Surplus 2,16,32 30,923,481 - 30,923,481 30,968,631 - 30,968,631
Cumulative Fund 2,17,18,32 42,260,144 - 42,260,144 56,788,080 - 56,788,080
74,383,626 - 74,383,626 88,956,711 - 88,956,711
TOTAL LIABILITIES & EQUITY 127,916,913 127,916,913 136,897,161 - 136,897,161
At May 31, 2009

(end of last period presented under previous GAAP)
Effect of
Previous transition to
Notes GAAP PFRS PFRS
REVENUES 4,11 #REF! - #REF!
Cost of Sales and Services 4,11 #REF! - #REF!
Gross Profit #REF! - #REF!
Other Income 0 #REF! - #REF!
Gross Income #REF! - #REF!
Administrative Expenses #REF! #REF! - #REF!
Distribution Cost #REF! #REF! - #REF!
Finance Cost #REF! #REF! - #REF!
Total #REF! #REF!
EXCESS OF REVENUES OVER EXPENSES #REF! - #REF!

Page 6 of 50

Notes to Financial Statements
December 31, 2020
1. GANDANG ANI ENTERPRISES INFORMATION

The company was organized under the laws of the Republic of the Philippines and duly registered with
Department of Trade and Industry as Gandang Ani Enterprises, owned and managed by Ms. Fatima S. Baltazar
company is engaged in palay and corn trading.
The company's registered office address which is also the principal place of business is located at Capas, Binalo
Pangasinan.
2. STATUS OF OPERATION
The accompanying financial statements have been prepared on a going concern basis, which contemplate
realization of assets and settlement of liabilities in the normal course of business.
3. BASIS OF PREPARATION
Statement of Compliance
The accompanying financial statements have been prepared in accordance with Philippine Financial Repo
Standards (PFRS) for Small Entities (SE’s) issued by the Philippine Financial Reporting Standards Council.
Basis of Measurement
The financial statements of the Company have been prepared on historical cost basis and they are presente
Philippine Peso, which is the Company’s functional and presentation currency.
4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The principal accounting policies applied in the preparation of these financial statements are set out below. T
policies have been consistently applied to all the years presented, unless otherwise stated.
Cash
Cash includes petty cash fund and cash in bank that are unrestricted and available for current operations. Th
stated in the statement of financial position at face amount.
Accounts Receivable
Trade receivables, which are based on normal credit terms and do not bear interest, are recognized and carri
original invoice amounts. Where credit is extended beyond normal credit terms, receivables are measure
amortized cost using the effective interest method. At the end of each reporting period, the carrying amoun
trade are reviewed to determine whether there is any objective evidence that the amounts are not recoverab
so, an impairment loss is recognized immediately in profit or loss.
Inventories
Inventories are assets which are held for sale in the ordinary course of business, in the process of productio
such sale or in the form of materials or supplies to be consumed in the production process or in the renderi
services. Inventories are valued at the lower of cost and net realizable value.
Property and Equipment

Property and equipment are initially measured at its cost and subsequently measured at cost less any accumu
depreciation/amortization and any accumulated impairment losses.
The initial cost of property and equipment comprises of its purchase price and any costs directly attributab
bringing the asset to the location and condition necessary for it to be capable of operating in the manner inte
by management.
A part of some items of property and equipment may require replacement at regular interval. The entity de
not to add to the carrying amount of an item of property and equipment the cost of replacing part of such an
when that cost is incurred if the replacement part is expected not to provide incremental future benefits to
entity.
A part of some items of property and equipment may require replacement at regular interval. The entity de
Page 7 ofpart
not to add to the carrying amount of an item of property and equipment the cost of replacing 50 of such an
when that cost is incurred if the replacement part is expected not to provide incremental future benefits to
entity.
The entity derecognises an item of property and equipment on disposal, or when no future economic benefit
expected from its use or disposal. The entity recognises the gain or loss on derecognition of an item of property
equipment in profit or loss when the item is derecognised. The entity not classifies such gains as revenue.
entity determines the gain or loss arising from derecognition of an item of property and equipment as
difference between the net disposal proceeds, if any, and the carrying amount of the item.
The Company assesses as at reporting date whether there is an indication that an asset may be impaired. I
such indication exists, or when annual impairment testing for an asset is required, the Company makes an esti
of the asset’s recoverable amount. An asset’s recoverable amount is calculated as the higher of the asset’s or c
generating unit’s fair value less costs to sell and its value in use or its net selling price and is determined fo
individual asset, unless the asset does not generate cash inflows that are largely independent of those asse
groups of assets. Where the carrying amount of an asset exceeds it recoverable amount, the asset is consid
impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash f
are discounted to their present value using a pre-tax discount rate that reflects current market assessment o
time value of money and the risks specific to the asset. Impairment losses are recognized in the statemen
income in those expense categories consistent with the function of the impaired asset.
An assessment is made at each reporting date as to whether there is an indication that previously recogn
impairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amou
estimated. A previously recognized impairment loss is reversed only if there has been a change in the estim
used to determine the asset’s recoverable amount since the last impairment loss was recognized. If that is the
the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot excee
carrying amount that would have been determined, net of depreciation and amortization, had no impairment
been recognized for the asset in prior years. Such reversal is recognized in the statements of income unles
asset is carried at revalued amount, in which case the reversal is treated as revaluation increase. After su
reversal, the depreciation charge is adjusted in future periods to allocate the asset’s revised carrying amount
any residual value, on a systematic basis over its remaining useful life.
Loans payable-current
Loans payable current is the portion of Loans payable that is expected to be paid within the year.
Trade and Other Payables
Trade payables pertain to accounts payable and other payables pertain to accruals. Trade and other payable
initially measured at an invoice cost and subsequently measured at undiscounted amount of cash or o
considerations expected to be paid.
Loans payable
Loans payable are long term borrowings net of current portion and measured at their fair values and subsequ
recognized at amortized cost less settlement/payments.
Income Tax Payable
The tax currently payable for the year is computed based on applicable tax rates based on existing tax laws.
Owner's Equity
Equity account pertains to the investment by the owner, plus additions earned through profitable operations m
reductions of personal withdrawal by the owner.
Revenue recognition
Revenue is recognized when it is probable that the economic benefits associated with the transaction will flo
the Company and the amount of the revenue can be measured reliably.
Revenue is measured at the fair value of the consideration received or receivable and represents amo
receivable for goods or services provided in the normal course of business.
Page 8 of 50
Cost and expense recognition

Expenses are decreases in economic benefits in the form of decreases in assets or incurrence of liabilities that r
in decreases in equity. Expenses are generally recognized when the services are received or when the expense
incurred.
Employee Benefits
Employee Benefits represents:
Short-term benefits
Short-term benefits given by the Company to its employees include salaries and wages, 13th month pay, emp
share contributions
Income tax
Income tax expense includes current tax expense. The current tax expense is based on taxable profit for the yea
5. CASH
Cash consists of petty cash and cash deposited in local banks. These items are set aside for current purposes
measure at face value.
2020
Cash on Hand 100,000.00
Cash in Bank 9,670,511.75
Total 9,770,511.75
6. ACCOUNTS RECEIVABLE
This account consists of:

2020
Accounts Receivable -
Total -
7. INVENTORIES
This account consists of:

2020
Inventory -
Total -
8. PROPERTY AND EQUIPMENT

Property and Equipment consist of the following:
December 31, Retirement /
Cost 2019 Addition (Disposal)
Land 2,500,000.00 -
Building 1,750,000.00 -
Delivery Equipment 1,080,000.00 -
Flat Bed Dryer 1,530,000.00 -
Fork Lift 130,000.00 -
Furnitures & Fixtures 300,000.00 -
Small Corn Mill 250,000.00 -
Tractor 533,060.00 -
8,073,060.00 - -
Less: Accumulated. Depreciation
Building 306,250.00 43,750.00
Page 9 of 50
Delivery Equipment 327,000.00 108,000.00

Flat Bed Dryer 649,000.00 153,000.00
Fork Lift 65,000.00 13,000.00
Furnitures & Fixtures 120,000.00 30,000.00
Small Corn Mill 100,000.00 25,000.00
Tractor 89,082.00 26,653.00
1,656,332.00 399,403.00 -
Carrying Value 6,416,728.00
Depreciation Expense 2020

Building 43,750.00
Delivery Equipment 108,000.00
Flat Bed Dryer 153,000.00
Fork Lift 13,000.00
Furnitures & Fixtures 30,000.00
Small Corn Mill 25,000.00
Tractor 26,653.00
Total 399,403.00
Depreciation is computed on a straight line method over the estimated useful life of the assets.
9. TRADE AND OTHER PAYABLES

This account represents the following:
2020
Accrued Expenses -
Total -
Trade and other payables are initially recorded at transaction price and subsequently measured at their costs le
settlement payments.
10. LOANS PAYABLE
2020
Loans Payable-Current 7,329,000.00
Loans Payable-Net of Current -
Total 7,329,000.00
11. REVENUE AND COST RECOGNITION
2020
GROSS RECEIPTS 8,939,704.00
Total 8,939,704.00
Revenue is recognized to the extent that is probable that the economic benefits will flow to the Company and th
amount of revenue can be reliably measured.
Cost of Sales 2020

Merchandise Inventory, beg. 5,260,600.00
Purchases -
Less: Purchased Discount -
Total Goods Available for Sale 5,260,600.00
Merchandise Inventory, end -
Total 5,260,600.00
Page 10 of 50
11. DISTRIBUTIVE EXPENSES
2020
Salaries, Allo., & 13th month 221,948.75
Depreciation 399,403.00
Fuel and oil -
Transportation and Travel -
Repairs and maintenance -
Total 621,351.75
12. ADMINISTRATIVE EXPENSES
2020
Building Insurance -
Communication, light and water -
Supplies -
SSS, PHIC, Pag-ibig 5,010.00
Professional fees -
Taxes and licenses 116,998.22
Total 122,008.22
Administrative expense are recognized in the statement of income on the date they are incurred.
13. OTHER EXPENSE
2020
Interest expense 479,766.24
Miscellaneous expense 5,090.00
Total 484,856.24
14. SUPPLEMENTARY TAX INFORMATION UNDER REVENUE REGULATION NO. 15-2010 AND 19-2011
On November 25, 2010, The Bureau of Internal Revenue (BIR) issued Revenue Regulation (RR) 15-2010, w
required certain information on taxes, duties and license fees paid or accrued during taxable year to be disclos
part of the notes to financial statements. This supplemental information, which is an addition to the disclos
mandated under PFRS for SMEs, is presented as follows:
(c) Taxes and Licenses

This account consists of: 2020
BIR-Annual Registration Fee -
Business License & Permit 18,300.00
BIR-Certification & Doc. Stamp 53,954.42
Real Property Tax 44,120.80
Residence Certificate 623.00
Total 116,998.22
Page 11 of 50
the laws of the Republic of the Philippines and duly registered with the
Gandang Ani Enterprises, owned and managed by Ms. Fatima S. Baltazar. The
n trading.
ess which is also the principal place of business is located at Capas, Binalonan,
ents have been prepared on a going concern basis, which contemplate the
f liabilities in the normal course of business.
ents have been prepared in accordance with Philippine Financial Reporting
SE’s) issued by the Philippine Financial Reporting Standards Council.
pany have been prepared on historical cost basis and they are presented in
y’s functional and presentation currency.
plied in the preparation of these financial statements are set out below. These
ed to all the years presented, unless otherwise stated.
sh in bank that are unrestricted and available for current operations. This is
osition at face amount.
n normal credit terms and do not bear interest, are recognized and carried at
edit is extended beyond normal credit terms, receivables are measured at
terest method. At the end of each reporting period, the carrying amounts of
ether there is any objective evidence that the amounts are not recoverable. If
mmediately in profit or loss.
d for sale in the ordinary course of business, in the process of production for
or supplies to be consumed in the production process or in the rendering of
e lower of cost and net realizable value.
measured at its cost and subsequently measured at cost less any accumulated
ccumulated impairment losses.
pment comprises of its purchase price and any costs directly attributable to
d condition necessary for it to be capable of operating in the manner intended
d equipment may require replacement at regular interval. The entity decides

an item of property and equipment the cost of replacing part of such an item
placement part is expected not to provide incremental future benefits to the
Page 12 of 50
roperty and equipment on disposal, or when no future economic benefits are

e entity recognises the gain or loss on derecognition of an item of property and
e item is derecognised. The entity not classifies such gains as revenue. The
arising from derecognition of an item of property and equipment as the
roceeds, if any, and the carrying amount of the item.
ng date whether there is an indication that an asset may be impaired. If any

al impairment testing for an asset is required, the Company makes an estimate
n asset’s recoverable amount is calculated as the higher of the asset’s or cash-
s to sell and its value in use or its net selling price and is determined for an
es not generate cash inflows that are largely independent of those assets or
g amount of an asset exceeds it recoverable amount, the asset is considered
ecoverable amount. In assessing value in use, the estimated future cash flows
e using a pre-tax discount rate that reflects current market assessment of the
specific to the asset. Impairment losses are recognized in the statements of
onsistent with the function of the impaired asset.
orting date as to whether there is an indication that previously recognized

st or may have decreased. If such indication exists, the recoverable amount is
mpairment loss is reversed only if there has been a change in the estimates
rable amount since the last impairment loss was recognized. If that is the case,
ncreased to its recoverable amount. That increased amount cannot exceed the
en determined, net of depreciation and amortization, had no impairment loss
or years. Such reversal is recognized in the statements of income unless the
, in which case the reversal is treated as revaluation increase. After such a
adjusted in future periods to allocate the asset’s revised carrying amount, less
asis over its remaining useful life.
of Loans payable that is expected to be paid within the year.
payable and other payables pertain to accruals. Trade and other payables are
st and subsequently measured at undiscounted amount of cash or other
ngs net of current portion and measured at their fair values and subsequently
lement/payments.
r is computed based on applicable tax rates based on existing tax laws.
ment by the owner, plus additions earned through profitable operations minus
the owner.
obable that the economic benefits associated with the transaction will flow to
evenue can be measured reliably.
alue of the consideration received or receivable and represents amounts
ded in the normal course of business.
Page 13 of 50
benefits in the form of decreases in assets or incurrence of liabilities that result

generally recognized when the services are received or when the expenses are
mpany to its employees include salaries and wages, 13th month pay, employer
tax expense. The current tax expense is based on taxable profit for the year.
deposited in local banks. These items are set aside for current purposes and
2019
100,000.00
563,475.23
663,475.23
2019
637,000.00
637,000.00
2019
5,260,600.00
5,260,600.00
December 31, 2020
2,500,000.00
1,750,000.00
1,080,000.00
1,530,000.00
130,000.00
300,000.00
250,000.00
533,060.00
8,073,060.00
350,000.00
Page 14 of 50
435,000.00
802,000.00
78,000.00
150,000.00
125,000.00
115,735.00
2,055,735.00
6,017,325.00
2019
43,750.00
108,000.00
153,000.00
13,000.00
30,000.00
25,000.00
26,653.00
399,403.00
ht line method over the estimated useful life of the assets.
2019
25,126.00
25,126.00
recorded at transaction price and subsequently measured at their costs less
2019
1,500,000.00
6,000,000.00
7,500,000.00
2019
9,679,529.00
9,679,529.00
hat is probable that the economic benefits will flow to the Company and the
easured.
2019
3,178,740.00
8,963,073.24
-
12,141,813.24
5,260,600.00
6,881,213.24
Page 15 of 50
2019
396,602.00
399,403.00
517,094.00
40,200.00
50,680.00
1,403,979.00
2019
12,246.62
196,731.27
12,685.00
83,335.00
12,000.00
30,078.77
347,076.66
ed in the statement of income on the date they are incurred.
2019
443,129.33
-
443,129.33
ON UNDER REVENUE REGULATION NO. 15-2010 AND 19-2011
of Internal Revenue (BIR) issued Revenue Regulation (RR) 15-2010, which

s, duties and license fees paid or accrued during taxable year to be disclosed as
ents. This supplemental information, which is an addition to the disclosures
esented as follows:
2019
500.00
-
29,578.77
-
-
30,078.77
FATIMA S. BALTAZAR
Rosario, La Union
Statement of Financial Position
As of December 31, 2020
ASSETS 2020
CURRENT ASSETS -
Cash on Hand 100,000.00
Cash in Bank 9,670,511.75
Petty cash fund
Accounts Receivable
Inventory -
Other Assets
Total 9,770,511.75
NON-CURRENT ASSETS
Land 2,500,000.00
Building 1,400,000.00
Delivery Equipment 645,000.00
Flat Bed Dryer 728,000.00
Fork Lift 52,000.00
Furnitures & Fixtures 150,000.00
Small Corn Mill 125,000.00
Tractor 417,325.00
Total 6,017,325.00
Less: Accumulated depreciation 399,403.00
Carrying value 5,617,922.00
TOTAL ASSETS 15,787,836.75
LIABILITIES AND CAPITAL
LIABILITIES
CURRENT LIABILITIES
Accrued Expenses
Loans Payable-Current 7,329,000.00
Salaries
Electricity/Water
Vat Payable
Accrued Rent
Income Tax Payable 587,590.77
Total Current Liability 7,916,590.77
NONCURRENT LIABILITIES
Loans Payable-Net of Current
Total Non-Current Liability -
Owner's Equity
Capital beg. 5,420,358.19
Net Income 2,450,887.79
Total 7,871,245.98
Drawings
Total 5,420,358.19
Prior period adjustments
Total 7,871,245.98
TOTAL LIABILITIES AND CAPITAL 15,787,836.75
-
Statement of Financial Performance
For the year December 31, 2020
SALES 8,939,704.00
LESS: COST OF SALES
Merchandise Inventory, beg. 5,260,600.00
Purchases
Less: Purchased Discount
Total Goods Available for Sales 5,260,600.00
Merchandise Inventory, end
Total 5,260,600.00
GROSS PROFIT 3,679,104.00
OTHER INCOME -
LESS: OPERATING EXPENSES:
Salaries, Allo., & 13th month 221,948.75
Depreciation 399,403.00
Fuel and oil -
Transportation and Travel -
Repairs and maintenance -
TOTAL DISTRIBUTATIVE EXPENSES 621,351.75
Building Insurance -
Communication, light and water -
Supplies -
SSS, PHIC, Pag-ibig 5,010.00
Professional fees -
Taxes and licenses 116,998.22
TOTAL ADMINISTRATIVE EXPENSES 122,008.22
Interest expense 479,766.24
Miscellaneous expense 5,090.00
TOTAL OTHER EXPENSES 484,856.24
TOTAL OPERATING EXPENSES 1,228,216.21
PROFIT 2,450,887.79
Less: Provision for income tax 0% -
Net Income/(Loss) 2,450,887.79
CASH FLOWS FROM OPERATING ACTIVITIES: 2020
Net income 2,450,887.79
Adjfor: Depreciation 399,403.00
(Increase)Decrease in Accounts Receivable 637,000.00
(Increase) Decrease in inventories 5,260,600.00
Increase (Decrease) in Trade Payable (25,126.00)
Increase (Decrease) in Proceeds of loan 5,829,000.00
Increase (Decrease) in income tax payable 555,271.73
CASH GENERATED FROM OPERATION 15,107,036.52
CASH FLOW FROM INVESTING ACTIVITIES
Net Addition to PPE -
CASH GENERATED FROM INVESTING -
CASH FLOW FROM FINANCING ACTIVITIES
Decrease in capital
Proceeds/Payment of Loan-Long Term (6,000,000.00)
Additional Investment
Acquisition of Property
Personal Drawing
CASH GENERATED FROM FINANCING (6,000,000.00)
NET INCREASE IN CASH 9,107,036.52
CASH, BEG. 663,475.23
CASH, ENDING BALANCE 9,770,511.75
Output VAT Net Revenue

Taxable Revenue 8,939,704.00
Exempt Sales
8,939,704.00
Input VAT Net Purchases

Purchase of Capital Goods not exceeding P1Million
Exempt Purchases
-
Schedule of Taxes and Licenses

2020
Particulars Amount
BIR-Annual Registration Fee
Business License & Permit 18,300.00
BIR-Certification & Doc. Stamp 53,954.42
Real Property Tax 44,120.80
Fire Safety Inspection Fee 623.00
Residence Certificate
Total 116,998.22
Schedule of Depreciation
Accumulated Depreciation 2019
COST ADDITION
Building 306,250.00 43,750.00

Flat Bed Dryer 649,000.00 153,000.00
Fork Lift 65,000.00 13,000.00
Small Corn Mill 100,000.00 25,000.00
Tractor 89,082.00 26,653.00
1,656,332.00 399,403.00
2019 2018
- -
100,000.00 100,000.00
563,475.23 804,476.98
637,000.00 941,365.00
5,260,600.00 3,178,740.00
6,561,075.23 5,024,581.98
2,500,000.00 2,500,000.00
1,443,750.00 1,487,500.00
753,000.00 861,000.00
881,000.00 1,034,000.00
65,000.00 78,000.00
180,000.00 210,000.00
150,000.00 175,000.00
443,978.00 470,631.00
6,416,728.00 6,816,131.00
399,403.00 399,403.00
6,017,325.00 6,416,728.00
12,977,803.23 11,840,712.98
25,126.00 9,010.00
1,500,000.00 960,963.00
32,319.04 54,512.56
1,557,445.04 1,024,485.56
6,000,000.00 5,000,000.00
6,000,000.00 5,000,000.00
5,816,227.42 5,842,559.68
604,130.77 573,667.74
6,420,358.19 6,416,227.42
1,000,000.00 600,000.00
3,905,245.41 6,442,559.68
5,420,358.19 5,816,227.42
12,977,803.23 11,840,712.98
- -
9,679,529.00 8,221,242.00
3,178,740.00 632,050.00
8,963,073.24 8,229,889.50
- -
12,141,813.24 8,861,939.50
5,260,600.00 3,178,740.00
6,881,213.24 5,683,199.50
2,798,315.76 2,538,042.50
- -
396,602.00 426,162.50
399,403.00 399,403.00
517,094.00 75,178.44
40,200.00 10,779.00
50,680.00 87,143.00
1,403,979.00 998,665.94
12,246.62
196,731.27 116,213.90
12,685.00 54,601.00
83,335.00 66,420.00
12,000.00
30,078.77 77,086.58
347,076.66 314,321.48
443,129.33 646,207.34
5,180.00
443,129.33 651,387.34
2,194,184.99 1,964,374.76
604,130.77 573,667.74
- -
604,130.77 573,667.74
2019 2018
604,130.77 573,667.74
399,403.00 399,403.00
304,365.00 2,282,765.00
(2,081,860.00) (2,546,690.00)
16,116.00 (17,434.59)
539,037.00 (213,896.00)
(22,193.52) (13,826.56)
(241,001.75) 463,988.59
- -
- -
1,000,000.00 (500,000.00)
(1,000,000.00) (600,000.00)
- (1,100,000.00)
(241,001.75) (636,011.41)
904,476.98 1,540,488.39
663,475.23 904,476.98
Output Vat
1,072,764.48
-
1,072,764.48
Input Tax
-
-
-
2019 2018
Amount Amount
500.00 500.00
18,120.00
29,578.77 58,466.58
30,078.77 77,086.58
2020
DISPOSAL CARRYNG AMOUNT
- 350,000.00
435,000.00
802,000.00
78,000.00
150,000.00
125,000.00
115,735.00
- 2,055,735.00
CASH RECEIPTS
FOR THE YEAR 2020
MONTH SALES
INVOICE
JANUARY NUMBERS GROSS NET VAT
31 - -
-
Totals - - - -
DISTRIBUTION
MONTH COST SALES
INVOICE
FEBRUARY NUMBERS GROSS NET VAT
29 - -
-
Totals - - - -
DISTRIBUTION
MONTH COST SALES
INVOICE
MARCH NUMBERS GROSS NET VAT
31 1,543,285.00 1,377,933.04 185,194.20
Totals - 1,543,285.00 1,377,933.04 185,194.20
DISTRIBUTION
MONTH COST
INVOICE SALES
APRIL NUMBERS GROSS NET VAT
30 NO TRANSACTION -
-
Totals - - - -
DISTRIBUTION
MONTH COST SALES
INVOICE
MAY NUMBERS GROSS NET VAT
31 - -
-
Totals - - - -
DISTRIBUTION
MONTH COST SALES
INVOICE
JUNE NUMBERS GROSS NET VAT
30 1,564,930.00 1,397,258.93 187,791.60
Totals - 1,564,930.00 1,397,258.93 187,791.60

DISTRIBUTION
MONTH COST
INVOICE SALES
JULY NUMBERS GROSS NET VAT
31 - -
-
Totals - - - -
DISTRIBUTION
MONTH COST
INVOICE SALES
AUGUST NUMBERS GROSS NET VAT
31 - -
-
Totals - - - -
DISTRIBUTION
MONTH COST SALES
INVOICE
SEPTEMBER NUMBERS GROSS NET VAT
30 1,744,934.00 1,557,976.79 209,392.08
Totals - 1,744,934.00 1,557,976.79 209,392.08
DISTRIBUTION
MONTH COST SALES
INVOICE
OCTOBER NUMBERS GROSS NET VAT
31 1,250,090.00 1,116,151.79 150,010.80
-
Totals - 1,250,090.00 1,116,151.79 150,010.80
DISTRIBUTION
MONTH COST SALES
INVOICE
NOVEMBER NUMBERS GROSS NET VAT
30 1,498,765.00 1,338,183.04 160,581.96
- -
Totals - 1,498,765.00 1,338,183.04 160,581.96
DISTRIBUTION
MONTH COST SALES
INVOICE
DECEMBER NUMBERS GROSS NET VAT
31 1,337,700.00 1,194,375.00 143,325.00
Total o Oct-Dec 4,086,555.00
Totals - 1,337,700.00 1,194,375.00 143,325.00
SUMMARY INVOICE
NUMBERS GROSS NET VAT
SALES 8,939,704.00 7,981,878.57 1,036,295.64
TOTAL
GROSS RECEIPTS 8,939,704.00
COST OF SALES 3,641,998.00 (1,618,602.00)
GROSS INCOME 5,297,706.00
EXPENSES 744,468.00
TOTAL LESS VAT NET INCOME 4,553,238.00
-
-
-
TOTAL LESS VAT
-
-
-
TOTAL LESS VAT
Cost of Sales Gross Income Allo. Deductions Net Income

1,377,933.04 1,078,725.00 464,560.00 172,487.00 292,073.00
-
1,377,933.04
TOTAL LESS VAT
-
-
-
TOTAL LESS VAT
-
-
-
TOTAL LESS VAT

1,397,258.93 1,227,803.00 337,127.00 257,857.00 79,270.00
-
1,397,258.93
TOTAL LESS VAT
-
-
-
TOTAL LESS VAT
-
-
-
TOTAL LESS VAT

1,557,976.79 1,335,470.00 409,464.00 314,124.00 95,340.00
-
1,557,976.79
TOTAL LESS VAT
1,116,151.79
-
1,116,151.79
TOTAL LESS VAT
1,338,183.04
-
1,338,183.04
TOTAL LESS VAT

1,194,375.00 -
- 4,086,555.00 4,086,555.00
1,194,375.00
TOTAL LESS VAT Cost of Sales Gross Income Allo. Deductions Net Income
7,981,878.57 3,641,998.00 1,211,151.00 744,468.00 466,683.00
7,981,878.57
SALES SUMMARY
GROSS
Per Month Per QTR
JAN -
FEB -
MAR 1,543,285.00 1,543,285.00
APR -
MAY -
JUNE 1,564,930.00 1,564,930.00
JULY -
AUG -
SEPT 1,744,934.00 1,744,934.00
OCT 1,250,090.00
NOV 1,498,765.00
DEC 1,337,700.00 4,086,555.00
8,939,704.00 8,939,704.00
Quarter
1st 2nd
Gross Receipts 1,543,285.00 1,564,930.00
Cost of Sales 1,078,725.00 1,227,803.00
Gross Income 464,560.00 337,127.00
Allo. Deductions 172,487.00 257,857.00
Net Income 292,073.00 79,270.00
SUMMARY
NET
Per Month Per QTR
-
-
1,377,933.04 1,377,933.04
-
-
1,397,258.93 1,397,258.93
-
-
1,557,976.79 1,557,976.79
1,116,151.79
1,338,183.04
1,194,375.00 3,648,709.82
7,981,878.57 7,981,878.57
Quarter ANNUAL
3rd 4th 1701
1,744,934.00 4,086,555.00 8,939,704.00
1,335,470.00 3,641,998.00
409,464.00 - 1,211,151.00
314,124.00 - 744,468.00
95,340.00 - 466,683.00
CASH DISBURSEMENT
FOR THE YEAR 2020
MONTH DISTRIBUTATIVE COST
Transportation Repairs and

JANUARY Depreciation Fuel and oil and Travel maintenance
Totals - - - -

FEBRUARY Depreciation Fuel and oil and Travel maintenance
Totals - - - -

MARCH Depreciation Fuel and oil and Travel maintenance
Totals - - - -

APRIL Depreciation Fuel and oil and Travel maintenance
No Transaction
Totals - - - -

MAY Depreciation Fuel and oil and Travel maintenance
No Transaction
Totals - - - -

JUNE Depreciation Fuel and oil and Travel maintenance
No Transaction
Totals - - - -

JULY Depreciation Fuel and oil and Travel maintenance
Totals - - - -

AUGUST Depreciation Fuel and oil and Travel maintenance
31
Totals - - - -

SEPTEMBER Depreciation Fuel and oil and Travel maintenance
30
Totals - - - -

OCTOBER Depreciation Fuel and oil and Travel maintenance
31
Totals - - - -

NOVEMBER Depreciation Fuel and oil and Travel maintenance
30
Totals - - - -

DECEMBER Depreciation Fuel and oil and Travel maintenance
31 399,403.00
Adj.
Totals 399,403.00 - - -
DISTRIBUTATIVE COST
SUMMARY Transportation Repairs and

Depreciation Fuel and oil and Travel maintenance
399,403.00 - - -
TOTAL EXPEN
Exp 399,403.00 - - -
WP
SALARIES BASIC SSS PHIC
CISNEROS 120,245.75
DE CHAVEZ
GERONIMO
ADMINISTRATIVE EXPENSES
Salaries, Allo., & Building Communication,

13th month Insurance light and water Supplies
- - -

- - -
- - -
Salaries, Allo., & Communication,
13th month Building Insurance light and water Supplies
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
212,525.22
9,423.53
221,948.75 - -
221,948.75
- -
221,948.75 - - -
13TH GROSS
MINISTRATIVE EXPENSES OTHER EXPENSES
SSS, PHIC, Pag-ibig Professional fees Taxes and licenses Interest expense
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
5,010.00 116,998.22 479,766.24
5,010.00 - 116,998.22 479,766.24

5,010.00 - 116,998.22
479,766.24
5,010.00 - 116,998.22 479,766.24
Contributions
36,000.00
43,437.46
OTHER EXPENSES TOTAL
Miscellaneous
expense
-
-
-
- -
Miscellaneous
expense
-
-
-
- -

Miscellaneous
expense
-
-
-
- -

Miscellaneous
expense
-
-
-
- -

Miscellaneous
expense
-
-
-
- -

Miscellaneous
expense
-
-
-
- -

Miscellaneous
expense
-
-
-
- -

Miscellaneous
expense
-
-
-
- -

Miscellaneous
expense
-
-
-
- -

Miscellaneous
expense
-
-
-
- -

Miscellaneous
expense
-
-
-
- -

Miscellaneous
expense
5,090.00 1,218,792.68
-
9,423.53
5,090.00 1,228,216.21
OTHER EXPENSES
Miscellaneous
expense
-
621,351.75 DE
122,008.22 DE
5,090.00 484,856.24 AE
1,228,216.21 TOTAL
5,090.00 1,228,216.21
FATIMA S. BALTAZAR
Rosario, La Union
Property Plant and Equipment Schedule
As of December 31, 2020
2020 2019
NON-CURRENT ASSETS
Land 2,500,000.00 2,500,000.00
Building 1,400,000.00 1,443,750.00
Flat Bed Dryer 728,000.00 881,000.00
Fork Lift 52,000.00 65,000.00
Small Corn Mill 125,000.00 150,000.00
Tractor 417,325.00 443,978.00
Total 6,017,325.00 6,416,728.00
Less: Accumulated depreciation 399,403.00 399,403.00
Carrying value 5,617,922.00 6,017,325.00
2018
2,500,000.00
1,487,500.00
861,000.00
1,034,000.00
78,000.00
210,000.00
175,000.00
470,631.00
6,816,131.00
399,403.00
6,416,728.00
CASH RECEIPTS
FOR THE YEAR 2019
MONTH SALES
INVOICE
JANUARY NUMBERS GROSS NET VAT
31 - -
-
Totals - - - -
DISTRIBUTION
MONTH COST SALES
INVOICE
FEBRUARY NUMBERS GROSS NET VAT
29 - -
-
Totals - - - -
DISTRIBUTION
MONTH COST SALES
INVOICE
MARCH NUMBERS GROSS NET VAT
31 556,208.00 496,614.29 66,744.96
Totals - 556,208.00 496,614.29 66,744.96
DISTRIBUTION
MONTH COST
INVOICE SALES
APRIL NUMBERS GROSS NET VAT
30 NO TRANSACTION -
-
Totals - - - -
DISTRIBUTION
MONTH COST SALES
INVOICE
MAY NUMBERS GROSS NET VAT
31 - -
-
Totals - - - -
DISTRIBUTION
MONTH COST SALES
INVOICE
JUNE NUMBERS GROSS NET VAT
30 2,403,640.00 2,146,107.14 288,436.80
Totals - 2,403,640.00 2,146,107.14 288,436.80

DISTRIBUTION
MONTH COST
INVOICE SALES
JULY NUMBERS GROSS NET VAT
31 - -
-
Totals - - - -
DISTRIBUTION
MONTH COST
INVOICE SALES
AUGUST NUMBERS GROSS NET VAT
31 - -
-
Totals - - - -
DISTRIBUTION
MONTH COST SALES
INVOICE
SEPTEMBER NUMBERS GROSS NET VAT
30 4,566,319.00 4,077,070.54 547,958.28
Totals - 4,566,319.00 4,077,070.54 547,958.28
DISTRIBUTION
MONTH COST SALES
INVOICE
OCTOBER NUMBERS GROSS NET VAT
31 - -
-
Totals - - - -
DISTRIBUTION
MONTH COST SALES
INVOICE
NOVEMBER NUMBERS GROSS NET VAT
30 - -
- -
Totals - - - -
DISTRIBUTION
MONTH COST SALES
INVOICE
DECEMBER NUMBERS GROSS NET VAT
31 2,153,362.00 1,922,644.64 230,717.36
Totals - 2,153,362.00 1,922,644.64 230,717.36
SUMMARY INVOICE
NUMBERS GROSS NET VAT
SALES 9,679,529.00 8,642,436.61 1,133,857.40
TOTAL
SALES SUMMARY
GROSS
Per Month Per QTR
JAN -
FEB -
MAR 556,208.00 556,208.00
APR -
MAY -
JUNE 2,403,640.00 2,403,640.00
JULY -
AUG -
SEPT 4,566,319.00 4,566,319.00
OCT -
NOV -
DEC 2,153,362.00 2,153,362.00
9,679,529.00 9,679,529.00
Quarter
1st 2nd
Gross Receipts 556,208.00 2,403,640.00
Cost of Sales 276,041.00 1,843,543.00
Gross Income 280,167.00 560,097.00
Allo. Deductions 24,050.00 458,054.00
Net Income 256,117.00 102,043.00
TOTAL LESS VAT
-
-
-
TOTAL LESS VAT
-
-
-
TOTAL LESS VAT

496,614.29 276,041.00 280,167.00 24,050.00 256,117.00
-
496,614.29
TOTAL LESS VAT
-
-
-
TOTAL LESS VAT
-
-
-
TOTAL LESS VAT

2,146,107.14 1,843,543.00 560,097.00 458,054.00 102,043.00
-
2,146,107.14
TOTAL LESS VAT
-
-
-
TOTAL LESS VAT
-
-
-
TOTAL LESS VAT

4,077,070.54 3,511,445.00 1,054,874.00 940,181.00 114,693.00
-
4,077,070.54
TOTAL LESS VAT
-
-
-
TOTAL LESS VAT
-
-
-
TOTAL LESS VAT

1,922,644.64 1,250,184.00 903,178.00 771,900.00 131,278.00
-
1,922,644.64
TOTAL LESS VAT Cost of Sales Gross Income Allo. Deductions Net Income
8,642,436.61 6,881,213.00 2,798,316.00 2,194,185.00 604,131.00
8,642,436.61
-
MMARY
NET
Per Month Per QTR
-
-
496,614.29 496,614.29
-
-
2,146,107.14 2,146,107.14
-
-
4,077,070.54 4,077,070.54
-
-
1,922,644.64 1,922,644.64
8,642,436.61 8,642,436.61
Quarter ANNUAL
3rd 4th 1701
4,566,319.00 2,153,362.00 9,679,529.00
3,511,445.00 1,250,184.00 6,881,213.00
1,054,874.00 903,178.00 2,798,316.00
940,181.00 771,900.00 2,194,185.00
114,693.00 131,278.00 604,131.00

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GANDANG ANI ENTERPRISES

Capas, Binalonan, Pangasinan

STATEMENT OF FINANCIAL POSITION

TOTAL ASSETS 15,787,836.75 12,977,803.23

LIABILITIES AND EQUITY

TOTAL LIABILITIES 7,916,590.77 1,557,445.04

Non Current Liabilities

TOTAL LIABILITIES & OWNER'S EQUITY 15,787,836.75 12,977,803.23

See accompanying Notes to Financial Statements - -

GANDANG ANI ENTERPRISES

Sales 4,11 8,939,704.00 9,679,529.00

Net Income 2,450,887.79 604,130.77

See accompanying Notes to Financial Statements

STATEMENT OF CASH FLOW

CASH FLOW FROM INVESTING ACTIVITIES

Net Change in Cash 9,107,036.52 (241,001.75)

Cash Balance, beginning 663,475.23 904,476.98

CASH, END OF YEAR 9,770,511.75 663,475.23

See accompanying Notes to Financial Statements

At June 1, 2008 At May 31, 2009

At May 31, 2009

EXCESS OF REVENUES OVER EXPENSES #REF! - #REF!

GANDANG ANI ENTERPRISES

1. GANDANG ANI ENTERPRISES INFORMATION

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Property and Equipment

Cost and expense recognition

This account consists of:

This account consists of:

8. PROPERTY AND EQUIPMENT

Delivery Equipment 327,000.00 108,000.00

Depreciation Expense 2020

9. TRADE AND OTHER PAYABLES

10. LOANS PAYABLE

11. REVENUE AND COST RECOGNITION

Cost of Sales 2020

11. DISTRIBUTIVE EXPENSES

12. ADMINISTRATIVE EXPENSES

13. OTHER EXPENSE

(c) Taxes and Licenses

ents have been prepared in accordance with Philippine Financial Reporting

SE’s) issued by the Philippine Financial Reporting Standards Council.

d equipment may require replacement at regular interval. The entity decides

roperty and equipment on disposal, or when no future economic benefits are

ng date whether there is an indication that an asset may be impaired. If any

orting date as to whether there is an indication that previously recognized

of Loans payable that is expected to be paid within the year.

r is computed based on applicable tax rates based on existing tax laws.

benefits in the form of decreases in assets or incurrence of liabilities that result

December 31, 2020

recorded at transaction price and subsequently measured at their costs less

ed in the statement of income on the date they are incurred.

ON UNDER REVENUE REGULATION NO. 15-2010 AND 19-2011

of Internal Revenue (BIR) issued Revenue Regulation (RR) 15-2010, which

Output VAT Net Revenue

Input VAT Net Purchases

Schedule of Taxes and Licenses

Building 306,250.00 43,750.00

Totals - 1,543,285.00 1,377,933.04 185,194.20